PRE MARKET

Mushy day yesterday. We guess it was good that DOW came back but SEMIS another rough day. We are now in the midst of earnings.

CAT, UTX, VZ gap up in the DOW. MMM, TRV gap down. KO is flat from the DOW.

Others gapping up…PHM, HOG WHR, SAP,CDNS, EDU, LMT.

Gapping down…GOOGL…but only $78 on a $1070 stock…but noteworthy that it was up $50 after hours yesterday before turning down. BIIB, CNC, PII, AMTD, CVNA.

We are sure we missed a few. Futures up decently but off their earlier highs. Markets remain in the ping-pong, back and forth. Again, after the 2013 central bank-induced romp, markets went into an 18 month range with a couple of yonks to the downside during the range. This range-bound action is not abnormal. The bulls hope recent lows are not taken out. So far, the lows continue to hold. Our take is that they are good lows for now but always on watch. We continue to tell you not so sure there can be a ton of upside either.

Lots more earnings this week and next.